NIO officially announced the second brand, Ai Tiecheng, Chairman and CEO of Ledao NIO, Li Bin, senior vice president of Weilai, and president of Ledao Auto, was interviewed by the media. Regarding the multi-brand layout, Li Bin said that NIO started with the high-end because BBA's transformation is slow and competitors think you can't do it well; at the same time, there is also an opportunity to do positive R&D, which has the cost and space to innovate. However, he emphasized that the size of the high-end market is limited, and if you want to achieve economies of scale, you definitely can't just do the high-end, but also serve the mass market. “Tesla has done a good job in many aspects, but it's not reasonable to do high-end and mass market at the same time under one brand. The price range covered by a single brand is limited.” he said. (Sina Technology)